摘要
作为我国P2P本土化过程中最重要的创新机制之一,债权转让为市场注入了流动性,对行业发展有重要意义。本文选取"和信贷"平台482个项目数据,基于市场流动性的视角,运用倾向评分匹配与双重差分模型(PSM-DID),从时间成本与资金成本两方面分析债权转让机制对P2P项目融资的作用。结果表明,P2P项目的融资速率在债权转让模式下有显著上升,融资利率有显著降低,债权转让有利于缓解传统模式下投资者的投资偏向效应;相较于短期信贷,债权转让对处于流动性劣势的长期信贷影响更为显著;相较于生产信贷,债权转让对处于信息劣势的消费信贷影响更为显著。鉴于P2P平台债权转让机制的积极作用,平台及监管部门应在管控风险的前提下引导平台的自主创新,促进行业规范成长与健康发展。
As one of the most important innovation mechanisms in the localization process of P2 P,assignment of debt injects liquidity into the market,which is of great significance to the development of the industry. From the perspective of market liquidity,the paper collects 482 projects from＂Hexindai＂P2 P platform,and uses propensity score matching and double difference model(PSM-DID） to study the effect of assignment of debt on P2 P financing efficiency,including time cost and capital cost. The results show that the financing speed of P2 P projects increased significantly,and the interest rate reduced significantly under the mode of assignment of debt,assignment of debt helps to alleviate investors＇ investment bias; compared with short-term projects,the assignment of debt has a more significant impact on long-term projects,which have a disadvantage in terms of liquidity; compared with the production projects,the assignment of debt has a more significant impact on the consumer credit,which have a disadvantage in terms of information. In view of the positive role of the assignment of debt mechanism of P2 P platform,the platform and the regulatory authorities should guide the independent innovation of the platform under the premise of controlling the risk to promote the standard growth and healthy development of the industry.
作者
曾江洪
陈晔
ZENG Jiang-hong;CHEN Ye(School of Business, Central South University, Changsha 410083, China)
出处
《商业研究》
CSSCI
北大核心
2018年第5期70-76,共7页
Commercial Research
基金
国家社科基金项目"众筹模式中价值共创机制研究"
项目编号:14BJY008
